If you want to or are considering buying an apartment or residential property in New York, here is a quick overview of the New York home buying process.
Before finalizing any contracts, or jumping into a mortgage, consider running the entire purchase, contract, and any paperwork or agreements through an experienced New York real estate attorney.
Not involving a New York real estate attorney is probably the single biggest mistake that investors and homebuyers make when buying New York real estate.
A real estate attorney in New York will not only facilitate the entire contract process for you but reading all the fine print will help make sure your best interests are represented during the real estate transaction.
What To Expect When Buying a Home in New York
Unfortunately, buying an apartment or residential property in New York is not as easy or fun as it sounds, especially if this is your first purchase. Consuming time, money, and patience, it’s very important to make sure every step of the process is done right, and that you are protected throughout the real estate transaction as well as afterward.
Finding The Right Home to Buy in New York
Finding the right home means taking into consideration many factors. Some of the most important ones include the location, your budget, the style of home, and the home’s size.
Today, you can start finding potential homes to buy by using online sites and apps, however, be sure to work with a real estate agent and an attorney and view any homes you are interested in buying.
Run a title search
Issues or problems with a property’s title can be quite a snag when trying to buy a residential property or apartment in New York. A title search will be conducted by a New York real estate attorney once you in the contract. Be sure to get the title searched and cleared before completing any real estate transaction.
Inspect the property
A lot of apartments and residential properties in New York are older and may have potential problems not immediately visible on an initial viewing or from online pictures.
Buying a property “as-is” can be very dangerous.
Prior to signing your contract be sure there is enough time for you to get a professional home inspection by a licensed inspector to detect any unforeseen issues or problems in the home. If there are major issues with the property, your real estate agent will negotiate a “repair rider” for your attorney to add to the contract. The repair rider will set out a list of items that require the seller to repair or remediate prior to closing.
At Piccinnini Law, we have been helping first-time homebuyers, sellers, and investors in New York to oversee the entire real estate transaction process. Making sure that all aspects are covered, that all the fine print is understood, and most importantly, protecting you and your investment.